Citi upgrades subscription forecast for Australia's Siteminder on strong app downloads

SiteMinder

09/07/2023 20:48

** Analysts at Citi upgrade subscription forecast for hotel
commerce platform Siteminder Ltd  SDR.AX  as co's Little
Hotelier app downloads accelerate in June 
    ** Brokerage upgrades subscription forecasts by 1% in FY23
and 3% to 4% in FY24 to FY25
    ** Citi says SDR's Little Hotelier app downloads for June
are up 19% m-o-m and 4Q23 downloads up 38% q-o-q 
    ** Citi rates SDR "Buy" with a price target A$4.75  
    ** However, Citi lowers FY24/FY25 transaction revenue growth
forecasts by 8% to 10% 
    ** 12 of 15 analysts rate the stock "buy" or higher, two
"hold" and one "sell"; their median PT is A$4.52 - Refinitiv
Data 
    ** Shares of co are down 1.6% YTD as of last close 
   
($1 = 1.4952 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))